215 Free Test Bank for Marketing 11th Edition by Kerin

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Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) __________; and (4) something to exchange.

•  a. a way for the parties to communicate
•  b. a healthy competitive environment
•  c. government approval
•  d. a sense of social responsibility
•  e. an ability to see hidden potential within an environmental force

The Terrafugia Transition is a 19-foot, two-seater road-drivable, light-sport aircraft with an anticipated price of $250,000. The most likely prospective customers for this flying car would include

•  a. students interested in science fiction.
•  b. retired seniors receiving social security.
•  c. executives for whom time is extremely important.
•  d. teens who like to try new things.
•  e. All of the people above are likely prospective customers of the Transition.

All of the following are true about marketing EXCEPT:

•  a. Marketing is a broader activity than advertising.
•  b. Marketing stresses the importance of delivering genuine benefits in the offerings of products, services, and ideas.
•  c. Marketing persuades people to buy the “wrong” things.
•  d. When an organization engages in marketing, all stakeholders should benefit.
•  e. Marketing is a broader activity than personal selling.

A business student is preparing for the Graduate Management Admission Test (GMAT) so he can get into a good graduate business school. He knows that any money he spends on a tutor will be well worth it if he can improve his scores. He’s heard that there is a great tutor in his local community but has no idea who she is. What is the next logical step in order for marketing to occur?

•  a. He should buy a GMAT study guide at the bookstore.
•  b. He should find out what the minimum score he needs to get into the school of his choice.
•  c. He should check for ads for tutors in the college and local papers, ask his friends, look for flyers by her on a bulletin board in the business college student lounge, etc.
•  d. He should consider alternatives to graduate school in case the scores he receives on his own are not sufficient admission.
•  e. He should apply for delayed admission if he can’t find this tutor.

The marketing department of an organization is responsible for facilitating __________.

•  a. relationships, partnerships, and alliances with the organization’s customers, shareholders, suppliers, and other organizations
•  b. healthy competition with other product manufacturers
•  c. financial contracts with banks and other lending institutions
•  d. alliances with firms with non-competitive products that target similar markets
•  e. relationships with governmental regulatory agencies

Which of the following statements about marketing departments is most accurate?

•  a. The marketing department should work with people solely within its own department.
•  b. The marketing department should suggest where a firm should invest its money based on its knowledge of the market and environmental forces.
•  c. The marketing department is responsible for only the 4Ps.
•  d. The marketing department is responsible for market research, supervision of product development, and product promotion.
•  e. The marketing department must work closely with a network of other departments and employees to help provide the customer-satisfying products required for the organization to survive and prosper.

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) __________.

•  a. a sense of social responsibility
•  b. something to exchange
•  c. a healthy competitive environment
•  d. government approval
•  e. an ability to see hidden potential within an environmental force

In marketing, the idea of exchange refers to

•  a. the negotiation phase between the manufacturer and the seller.
•  b. the financial remuneration (monetary payment) for a product or service.
•  c. the trade of things of value between buyer and seller so that each is better off after the trade.
•  d. the bartering of products and services for other products and services.
•  e. the practice of swapping products and services for other products and services rather than for money.

Whether an individual is buying for personal or household use, or an organization is buying for its own use or for resale, the individual or organization would be considered

•  a. a prospective customer.
•  b. the primary marketing decision maker.
•  c. a potential distributor.
•  d. an informed buyer.
•  e. an unqualified prospect.

Four factors are required for marketing to occur: (1) __________; (2) a desire and ability on their part to be satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

•  a. a healthy competitive environment
•  b. government approval
•  c. a sense of social responsibility
•  d. an ability to see hidden potential within an environmental force
•  e. two or more parties (individuals or organizations) with unsatisfied needs

Which of the following statements about marketing activities is most accurate?

•  a. Marketing is affected by society but rarely, if ever, affects society as a whole.
•  b. The marketing department works closely with other departments and employees to implement marketing activities.
•  c. Marketing activities are the sole responsibility of the marketing department; other departments are involved only if there is an emergency (such as a product recall).
•  d. Environmental forces do not affect marketing activities as long as a firm closely monitors its environment through rigorous market research.
•  e. Marketing, after all is said and done, is essentially developing the right product and convincing potential customers that they “need” it, not just “want” it.

Which of the following statements about marketing is most accurate?

•  a. Unless you take a marketing class, you will never truly know anything about marketing.
•  b. Marketing is nothing more than common sense.
•  c. Marketing requires an innate sense of creativity; you either have it or you don’t.
•  d. You can call yourself a marketing expert only if you have sold something.
•  e. You are already a marketing expert because as a consumer, you have already been involved in marketing decisions.

To serve both buyers and sellers, marketing seeks to __________ and satisfy the needs and wants of prospective customers.

•  a. change
•  b. create
•  c. manipulate
•  d. discover
•  e. weigh

All of the following are environmental forces EXCEPT:

•  a. economic.
•  b. customers.
•  c. social.
•  d. regulatory.
•  e. technological.

Four factors are required for marketing to occur: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) __________; (3) a way for the parties to communicate; and (4) something to exchange.

•  a. a healthy competitive environment
•  b. government approval
•  c. a sense of social responsibility
•  d. a desire and ability on their part to be satisfied
•  e. an ability to see hidden potential within an environmental force

For marketing to occur, there must be two or more parties with unsatisfied needs. Cadbury Beverages, Inc. has begun distributing Country Time lemonade through supermarkets at a price comparable to that of soft drinks. The most likely “second” party needed for marketing to occur would be

•  a. people who are nostalgic about childhood summers.
•  b. people with a desire for a beverage other than soda or water.
•  c. product demonstrators who offer samples of Country Time lemonade to shoppers at local supermarkets.
•  d. a local distributor of alcoholic beverages.
•  e. a nutritionist promoting the benefits of fresh fruit in people’s diets.

More than half of all new businesses fail within __________ years of their launch.

•  a. two
•  b. three
•  c. four
•  d. five
•  e. ten

To serve both buyers and sellers, marketing seeks to discover and __________ the needs and wants of prospective customers.

•  a. change
•  b. satisfy
•  c. create
•  d. manipulate
•  e. weigh

A local college of business offers an outstanding graduate business school education program. Cali pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange?

•  a. No, because the university earned a profit from Cali’s tuition.
•  b. No, because money was exchanged in the form of tuition and Cali’s income will come from her employer, not the graduate school.
•  c. No, because the school did not provide Cali with a tangible product, only the potential of an education.
•  d. Yes, because the university promised Cali she would graduate on time, and she did.
•  e. Yes, because paying tuition was exchanged for knowledge that directly led to Cali’s high paying, fulfilling new job.

Initially, Facebook targeted which market segment of consumers?

•  a. grade school children ages 6 to 12 years old
•  b. high school students
•  c. college students
•  d. adults with professional occupations
•  e. senior adults 55 years and older

The activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large is referred to as __________.

•  a. manufacturing
•  b. advertising
•  c. marketing
•  d. selling
•  e. promotion

An inventor for 3M, David Windorski questioned dozens of students about how they study. They told him

•  a. to make new products that have higher quality.
•  b. that the average backpack was already too heavy.
•  c. that it would be reasonable to put Post-it
•  d. to determine the ratio of 3M products to study aid products of other competitors.
•  e. that highlighters and Post-it

If other companies applied the same strategy David Windorski used at 3M, they would most likely

•  a. avoid the use of mock-ups and working models to speed up the new-product development process and get the product out to the market faster.
•  b. search continuously to discover customers’ needs.
•  c. copy 3M’s “5% Rule” to do unfunded research.
•  d. avoid excessive attention to customers’ demands because they cannot always differentiate between their needs and their wants.
•  e. focus on the shareholders of the company and know the strategy will follow.